Austin MSA experiences a boost in median sales price

In April, closed listings across the Austin-Round Rock-Georgetown MSA increased 5.9% to 2,708 sales, the highest year-over-year increase in residential homes sold this year, while the median home price rose 1.1% to $469,998. The data demonstrates that there is a collective sense of confidence and optimism in the housing market among both homebuyers and sellers according to the latest Central Texas Housing Report released by Unlock MLS. 

Clare Knapp, Ph.D., housing economist for Unlock MLS and the Austin Board of REALTORS®, provided insight into the sales growth across the MSA and what’s to come regarding interest rates.

“The MSA experienced an increase in sales, indicating more opportunity in the market for all buyers. Despite the higher rate environment, the uptick in affordable inventory in the $300,000 range is allowing more first-time buyers to achieve homeownership. As we progress through the year, mortgage rates are expected to remain elevated with a slight possibility of a gradual decrease, which would result in an increase in buyers’ purchasing power.”

Kent Redding, 2024 Unlock MLS and ABoR president, noted that there is still significant work to be done to address Austin’s affordability issue.

“While we are excited to see more housing options emerge for buyers across the MSA, more work still needs to be done to create opportunities for homeownership within the city of Austin, particularly for first-time buyers, teachers, first responders and others who are finding it difficult to afford a home here. Our community needs to come together to advocate for housing reforms that allow for more types of housing across the city so that Austin’s future is one where everyone can afford to call the city home.”

Click here to see listings in the range of the current median house price.  

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We would like to introduce you to the newest member of the team, welcome aboard Austin!

Austin is a real estate enthusiast whose roots in the Midwest instilled in him a deep appreciation for community, hard work, and the value of home. Austin relocated to the Central Texas area in 2012 for college and then immersed himself in the city's tech scene for seven years before answering his true passion for real estate. With a keen eye for opportunities and a dedication to client satisfaction, Austin offers a personalized approach to help clients find their dream property in Central Texas' thriving market. Whether it's an urban condominium or a rural retreat, Austin is committed to making your real estate journey a seamless and rewarding experience.

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The lawsuit against the National Association of Realtors

The latest news is that the process changes will go into effect on August 17th of this year.  We will communicate with you more as the information flows.  

In the meantime, please reach out to us if you have any questions on the market or how you should navigate timing, pricing and contracts for buying and selling.

As Real Estate Professionals we stay committed to helping you with your real estate needs!